Fleming Intermediate Holdings has completed its court-ordered acquisition of JRG Reinsurance Company Ltd.

James River Group Holdings Ltd said the acquisition was made “at the previously agreed upon terms”.

Frank D’Orazio, the company’s chief executive, said: “We are pleased to have successfully completed our sale of JRG Re to Fleming in accordance with the stock purchase agreement that the parties negotiated together and executed on November 8, 2023.

“James River will continue to focus its resources on its core US insurance businesses, where we have meaningful scale, including our E&S and fronting businesses.”

James River announced last November that it had entered into a definitive agreement to sell JRG Re, its third-party casualty reinsurance business, to Fleming.

At the time, the company said the total estimated transaction value was $277 million, inclusive of a $139 million pre-closing dividend and a $138 million cash payment from Fleming at close.

However, James River said Fleming refused to complete the transaction, leading to an application to the court by the seller for a preliminary injunction, compelling Fleming to complete the acquisition.

Last week, the Supreme Court, New York County, Commercial Division granted the company’s request for a preliminary injunction against Fleming Intermediate Holdings, a portfolio company of private equity sponsor Altamont Capital Partners, ordering Fleming to complete its acquisition of JRG Reinsurance Company Ltd on, or prior to, April 16.